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MTL seeks licence to operate private fund

News Summed Up 2019-11-08 05:30:00

Muang Thai Life Assurance (MTL) plans to apply for a licence to operate a private fund business next year, aiming to provide an integrated service for wealth management and insurance protection. Having a private fund licence will fulfil the company's business ambition beyond being an authorised limited broker dealer and underwriter, Mr Sara said. Insurance firms are required to hold a private fund licence for transferring customers' wealth into other mutual funds. A private fund licence can help fix this problem, with the company asking for approval from its executive board and two regulators -- the Office of the Insurance Commission and the Securities and Exchange Commission -- to launch a private fund business next year. The company's unit-linked product segment reports total premiums received of 2.4 billion baht, a ratio higher than the contribution of the company's total premiums received.